Top Banks in Turkey
All the major banks of Turkey.
Regardless of where you live or what you do for a living, banking is one of our essentials because of the services and advantages it offers for managing our funds.
If you want to buy a home in Turkey, the Turkish banking system underwent significant regulatory reforms over the past ten years that helped to promote this industry and made it simple for international investors to register a bank account in Turkey.
Turkey has 53 banks total, of which 34 are deposit-taking institutions, 13 are investment and development institutions, three are state-owned, and 9 are private institutions.
Among all Turkish banks, there is a central bank that was created in 1930 and is in charge of managing the country's foreign reserves, issuing banknotes, maintaining the stability of Turkey's financial system, and printing and circulating currency. The top banks in Turkey are as follows:
The Top Banks in Turkey: TC ZİRAAT BANKASI
Mithat Pasha formed Homeland Funds in 1863 when TC Ziraat bank first appeared.
Ziraat Bank is a universal bank that serves domestic and foreign customers by providing retail, private, business, corporate, and investment banking products and services (private individuals, SMEs, and companies).
Regarding total assets, TC ZRAAT BANKASI is Turkey's top bank. With 1,370,89 billion TRY in total assets in 2021, the bank held a 16.15% market share. In addition, the bank's net income in 2021 was 6 291,31 million TRY.
TC ZRAAT BANKASI A. has ratings from Fitch and Moody. The bank's long-term credit grade from Fitch is B+ (highly speculative). The bank's long-term credit grade from Moody's is B2 (highly speculative). A participant in Turkey's deposit guarantee program is TC ZRAAT BANKASI A.
TÜRKİYE VAKIFLAR BANKASI
Vakiflar bank was established in 1954 with 610 domestic branches. Credit cards, consumer banking, corporate banking, investment banking, mortgage loans, private banking, and other financial services are all available.
The Directorate General of Foundations of the Turkish Prime Ministry, which has a 58.5% share in the bank, controls its day-to-day activities domestically and abroad through its branches and subsidiaries. Among its subsidiaries are international VakifBank Wien AG and Investment Company Vakif
The bank has total assets worth $419.4 billion, employs 16,835 people, and generates $17.0 billion in revenue and $3.6 billion in operating income.
The second largest bank in Turkey by total assets is TÜRKYE VAKIFLAR BANKASI TAO. With $1,007,21 billion in total assets in 2021, the bank had a market share of 11.86%. The bank's net income in 2021 was 4,175,46 million TRY.
Ratings for TÜRKYE VAKIFLAR BANKASI TAO come from Fitch and Moody's. The bank's long-term credit grade from Fitch is B+ (highly speculative). The bank's long-term credit grade from Moody's is B2 (highly speculative).
TÜRKİYE VAKIFLAR BANKASI TAO takes part in Turkey's deposit guarantee program. Accounts up to 100,000 TRY per bank and depositor are covered under this program.
HSBC Bank
HSBC Bank A. was founded under the name Midland Bank A. in 1990. It was the first British bank to open in Turkey and a subsidiary of Midland Bank.
Then, it adopted the name HSBC Bank A. in 1999. HSBC Bank A.. released a. purchased Demirbank T.A. from the Turkish financial regulator after it was saved during the financial crisis. Demirbank T.A. is the fifth largest private bank in Turkey.
Along with the merger of HSBC Bank, ADemir Yatirim, a wholly owned stockbroking and fund management subsidiary of Demirbank, was also purchased. And in December 2001, Demirbank was successfully finished.
As of July 2020, the bank had a network of approximately 77 locations across the country under the HSBC brand and provided a wide array of goods and services to corporate, business, and individual clients.
The HSBC Group's European structure includes HSBC Turkey, which answers to HSBC Bank plc.
One of the number of bombings in Istanbul in 2003 badly damaged the HSBC offices on Büyükdere Avenue in the Levent area of Işli on November 20, 2003. Forty-three people were hurt overall, and three HSBC employees perished in the explosions.
With a temporary headquarters set up in Esentepe, Istanbul, and more than 3,000 corporate clients informed of the situation on the day of the blast, the bank resumed entire operations the following day.
AKBank
Akbank, founded in 1948 and its headquarters in Istanbul, currently has 14.3 million clients and has 800 branches throughout Turkey and one abroad.
The bank provides corporate investment, private, consumer, commercial, SME banking, and treasury services. Credit cards, consumer and business banking, investment and corporate banking, mortgage lending, and private banking.
It has been listed as the 126th most valuable financial institution and "The Most Valuable Banking Brand in Turkey" seven times in a row. In addition, 4,550 ATMs and 510,000 POS terminals are part of the bank's expansive business nationwide.
It conducts business through subsidiaries in Malta and Germany, including global ones. Among its main subsidiaries are:
- Asset Management Ak
- Ink Lease
- Investment by Ak
- AG Akbank
At the end of 2018, the bank had 14,200 employees and total assets of $76 billion, with a net loss of $1.245 billion.
Garanti Bank
Garanti Bank is a Turkish universal bank founded in 1946 and engaged in corporate, retail, private, and investment banking and payment systems.
Garanti Bank offers its subsidiaries leasing, factoring, brokerage, asset management, and life and pension insurance.
Regarding total assets, TÜRKYE GARANT BANKASI A.. is Turkey's fifth-largest bank. With 757,80 billion TRY in total assets in 2021, the bank held an 8.93% market share. The bank's net income in 2021 was 13 073,31 million TRY.
Fitch and Moody have assigned TÜRKYE GARANT BANKASI A. ratings. The bank's long-term credit grade from Fitch is B+ (highly speculative). The bank's long-term credit grade from Moody's is B2 (highly speculative).
TÜRKYE GARANT BANKASI A.. takes part in Turkey's deposit guarantee program. Accounts up to 100,000 TRY per bank and depositor are covered under this program.
Yapi Kredi Bank
Yapı Kredi was founded in 1944. Customers from the Netherlands, Azerbaijan, Russia, and Malta are also catered to. It provides services for the banking industry's corporate, commercial, private, and wealth management areas.
One of Turkey's first commercial banks was Yap Kredi. Two Fortune Global 500 firms, namely Koc Holding and UniCredit, jointly own the bank. Its corporate headquarters are in Istanbul and employ 19,000 people.
The bank has 4,348 ATMs, four call centers, and 544 thousand POS devices spread over 935 branches throughout Turkey and one foreign branch.
The bank's total assets were $69 million as of 2018, and its net profit was $740 million. The following and numerous other subsidiaries make up the bank's network of operations:
- Moscow's Yap Kredi Bank
- Bank Nederland Yap Kredi N.V.
- Azerbaijani Yap Kredi Bank
Regarding total assets, YAPI VE KRED BANKASI A.. is Turkey's sixth-largest bank. With 736,77 billion TRY in total assets in 2021, the bank had an 8.68% market share. The bank's net income in 2021 was 10 489,76 million TRY.
Fitch and Moody assigned YAPI VE BANKASI A. ratings. The bank's long-term credit grade is B+. The bank's credit grade is B2. YAPI VE BANKASI A. participates in Turkey's deposit guarantee program.
Accounts up to 100,000 TRY per bank and depositor are covered under this program.
TÜRKYE BANKASI
In 1924, İş Bankası was established as the nation's first fully national bank. Retail, SME, corporate, and private banking products and services are all provided by şbank.
The şbank owns a strategy that is built on multi-layered targets, including economic value creation through banking activities, developing products and services that will meet customer needs and expectations, and training qualified human resources.
Regarding total assets, TÜRKYE BANKASI A.. is ranked among the top Turkish banks. With 926,57 billion TRY in total assets in 2021, the bank had a market share of 10.91%. In addition, the bank's net income in 2021 was 13 467,90 million TRY.
Fitch and Moody have assigned TÜRKYE BANKASI A. ratings. The bank's long-term credit grade from Fitch is B+. The bank's long-term credit grade from Moody's is B2.
Turkey's deposit guarantee program is TÜRKYE BANKASI A. Accounts of up to 100,000 TRY per bank and depositors are covered under this program.
Garanti Bank
Garanti BBVA was founded in 1946 and had its headquarters in Istanbul. It provides various financial services and products, including SME banking, corporate and commercial banking goods and services, and personal banking.
Garanti has 937 branches in Turkey, eight branches abroad, and three international representative offices. The bank employs over 22,000 people to serve about 14 million customers. The bank reported $1.301 billion in revenue and a total asset base of $80 billion at the end of 2018.
The Spanish bank Banco Bilbao Vizcaya Argentaria owns 49.85% of Garanti.
The goal of Garanti BBVA is to make the age of opportunity accessible to all people, and in pursuit of this goal, the bank aims to generate value for all its stakeholders.
By giving customers guidance and useful information, the bank focuses on enhancing their financial well-being in light of strategic aims.
The bank strongly emphasizes persuading decision-makers and other industry participants to prioritize sustainability and make it a mainstream issue.
Through loans based on impact investing, strategic collaborations, and community initiatives addressing pressing issues for Garanti and its stakeholders, BBVA creates shared value and promotes positive change.
HALKBANK
Halkbank was established in 1938 as a state-owned institution, and Turkey Wealth Fund owns it. Between 1938 and 1950, a credit union provided valuable financial loan services to artisans and tradespeople to boost the nation's economy.
To provide loans to customers, it opened branches around the nation in 1950. In 1990, it acquired the small-scale bankrupt state banks in Turkey, Töbank, Sümerbank, Etibank, and Emlakbank.
The bank has two headquarters, one in Ataşehir and one in Istanbul. As of 2019, there are 1,006 branches and 18,967 employees.
It provides a broad range of services such as deposits, cash issuance, non-cash loans, cash receipt operations, cash and deposit reimbursements, fund transfers, correspondent banking transactions, cheques, bank bills, credit cards, cash cards, travelers' cheques, and acting as a portfolio management agency.
As of 2019, its total assets are valued at 457.0 billion, and it generates a net income of 1.7 billion. Data and technology are crucial components for Garanti BBVA in realizing its "best and most connected team" strategy.
Since 2019, Garanti BBVA has added more than 3.7 million new digital customers, 4 million of whom are mobile, bringing the total number of digital and mobile customers to 12 and 11.6 million, respectively.
Digital sales now account for 86% of all sales. The bank continually makes investments in dependable technology, utilizing artificial intelligence and sophisticated data analytics.
The idea of investing in people serves as the cornerstone of Garanti BBVA's human resource management strategy.
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